Alberta government legislation aimed at providing greater protection for investors, allowing Alberta issuers greater access to capital markets and making the current regulatory environment more effective has been introduced in the provincial legislative assembly for first reading.

Bill 14, the Securities Amendment Act, 2003, contains amendments to the Securities Act that are necessary first steps toward the adoption of a uniform securities act and supporting uniform rules, the Alberta Securities Commission says. The proposals are not yet in effect.

The ASC, together with other Canadian securities regulators, is involved in a number of harmonization initiatives. These initiatives are aimed at simplifying existing regulatory regimes and fostering innovative, streamlined alternatives for raising capital, while maintaining an adequate level of investor protection. The proposals complement a number of recently adopted harmonization initiatives and anticipate the implementation of others currently under development or out for comment.

The key amendments: complement the new capital raising exemptions, facilitate the operation of the national registration database, expand the information-sharing provision to include third-party service providers, expressly authorize the collection, use and disclosure of personal information, repeal existing resale restrictions in favour of the new harmonized resale rules, anticipate the new enhanced uniform continuous disclosure regime, create an express prohibition against unfair practices, harmonize civil liability provisions governing offering document misrepresentations, give the commission rule- making authority to set minimum corporate governance requirements, and make housekeeping changes.

The full text and current status of Bill 14 can be located at the Alberta Legislative Assembly Web site: www.assembly.ab.ca/pro/bills/ba-main.asp.